Property Owners, Don’t Forget To Market To Millennials

Millennials in the UAE are eyeing property in a big way in the year ahead. This was highlighted in a study by dubizzle Property, implying the need for real estate and property brands in the UAE to ensure their marketing strategies are skewed towards the millennial audience.

Out of 1,596 property owners and seekers who took part in the poll in March 2019, 48 percent currently own a property in the UAE, and 52 percent are interested in buying one this year, with millennials (25-34 years old) making up a large portion of the respondents (41%).

In context to the main aim for buying a property, over half (58%) of millennial respondents stated they are looking for a property to live in, while 38 percent are looking for a property to either rent out or sell.

“The poll results indicate that millennials in the UAE are considering setting their roots here for the foreseeable future, which is a promising sentiment. With over a third also looking for property purely for investment purposes, it is heartening to note that they believe in the future potential of the UAE property market,” said Samer Abdin, General Manager, dubizzle Property.

When asked to select the factors which would impact the purchasing decision, the top three most prevalent criteria among millennials are area and location of the property (54%), mortgage and payment plans (51%) and potential price appreciation (39%). Other criteria that affect the decision are the network of public transportation (29%), proximity to facilities like banks, restaurants, cafes and other amenities (29%), and proximity to schools/place of work (23%).

“The most prevalent factors highlight that there is a strong understanding of the long-term investment benefits. It is evident that the current market conditions and recent government initiatives have made the prospect of investing in a property more attractive than paying rent for UAE residents,” added Mr Abdin.

The prevalence of the factors impacting the purchase decision was consistent among all poll participants. In addition to the millennials, other age groups looking to invest in property include Xennials between 35-44 years (32% respondents), followed by Gen X and Baby Boomers between 45-70 years (18%).

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